PC vendor Acer is moving into the smartphone and GPS markets with a planned acquisition of handheld-device maker E-Ten.
Taiwanese E-Ten has developed and sold several smartphone models over the past several years, including its Windows Mobile 6.0-based Glofish smartphone with GPS (global positioning system). It's also produced GPS devices and pocket PCs.
Now, Acer says it will be able to play "a key role in the development of the dynamic, fast-evolving market of smart handheld devices as well as ultra mobile devices in the future". This will "help bring Acer's cutting-edge mobile solutions to an even wider audience".
The deal is an all-stock transaction valued at NT$9 billion (£146.7 million). Acer is offering to exchange one share of its stock for every 1.07 shares of outstanding E-Ten stock to pay for the deal.
The boards of directors at both companies have already approved the deal, but face shareholder votes and approval by government regulators. They hope to close the deal in the third quarter of this year.
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